Thinking about hiring a real estate agent to manage your Miami rental property? You might want to stop and think about whether this is the best decision for your investment. There are a lot of differences between the skill sets of real estate agents versus those of property managers. Make sure your property is being managed by someone who is an expert in their field, not a professional in another field entirely.
Managing properties in Miami is vastly different than buying and selling properties. They are different areas of expertise, and we like to use the analogy of working with doctors. Think about the differences between a brain surgeon and a heart surgeon. They’re both doctors, but they have different skills. You wouldn’t visit a brain doctor if there was something wrong with your heart.
Realtors and Real Estate Brokers in Miami
Realtors have to help their customers find a piece of property, and then they facilitate that transaction. They might also help their clients sell a home. They need to understand staging and real estate sales markets and the mentality of buyers. They need to negotiate the best sales price and terms on behalf of their clients.
Once the sale is complete and the deal has been closed, there’s not much more to do. A smart realtor will keep in touch with their clients in case they have any needs in the future, but, after the transaction is concluded, it’s not an ongoing relationship that calls for regular communication.
Miami Property Management Companies
Property managers, in contrast, have more of a long-term role with their clients and the properties they manage. For starters they’re responsible for marketing the property as well as screening potential tenants during the leasing process. Then, they manage the day-to-day needs of the rental home, including maintenance. Miami clients expect property managers’ ongoing attention to detail in caring for all aspects of their rental property.
A completely different set of skills and talents are required.
Why You Need a Dedicated Miami Property Manager
We know that a lot of realtors dabble in property management, especially when the sales market slows down. This can be dangerous. We would never recommend that you hire a Miami property manager to sell your home. For the same reasons, you don’t want a real estate agent to manage your property. When they do this, they’re venturing into an area they don’t know well. Their knowledge base is different.
When you don’t collect rent, enforce lease agreements, and establish relationships with vendors and contractors every day, you can’t deliver good service to the homes you’re trying to manage. Real estate agents also tend to be unfamiliar with the laws that pertain to the property management industry. There are very strict fair housing laws and it’s easy to make a mistake. There are also specific laws about security deposits and habitability and evictions.
When you need a property manager don’t hire a realtor. If you’re taking a shopping Miami property management companies, contact us at Trident Management. We’d love to tell you more how we help landlords be profitable and stress-free.